You are paying a substantial premium for the name Omega on the front of the watch.
Here is one website that can give you an idea of how much a watch should cost built out of premium materials, but not with a luxury brand name. Steinhart watches being a great example of quality from a non luxury brand. [1]
No one really believes the parts that make up a Rolex Submariner are worth $12000. It's worth that much because it's a Rolex. You can actually buy quality forgeries for under $1000 that you'd likely need to take apart the entire watch to prove it's a fake.
